Need for Early Conclusion of BIPPA with Nigeria: Anand Sharma India-Nigeria trade to touch US $ 12 Billion in 2010-11

Press Information Bureau

Government of India

Ministry of Commerce & Industry

16-March-2011 14:40 IST

Need for Early Conclusion of BIPPA with Nigeria: Anand Sharma India-Nigeria trade to touch US $ 12 Billion in 2010-11

Shri Anand Sharma, Union Minister of Commerce & Industry during the bilateral meeting with Mr. Henry Odein Ajumogobia, Foreign Minister of the Federal Republic of Nigeria, has expressed for an early conclusion of Bilateral Investment Promotion and Protection Agreement (BIPPA). Shri Sharma stated that, “The complementarities of Nigerian and Indian economies needs to be harnessed for more extensive bilateral engagement.” He informed the Nigerian Minister about the many Indian companies’ investments in Nigeria and added that some more Indian companies are keenly interested in areas such as power and petroleum.

Shri Sharma expressed satisfaction over the growing trade and investment between the both countries. He said that, “There has been growth of bilateral trade by 61.65 % in 2010 as compared to 2009.The annual trade is expected to reach a record level of US $ 12 billion in 2010-11”. He further informed the visiting Minister that, the total Indian investment in Nigeria during 2010 is estimated to be around US $ 5 billion and total FDI from Nigeria during April 2000 to December 2010 is US $ 6.49 million.

There are over 100 Indian companies present in Nigeria mainly in telecom, hydrocarbons, textiles, chemicals, electrical equipment, pharmaceuticals, plastics, IT and autos sectors. Indian automobile companies have significant presence in Nigeria. Major Items of export are: machinery and instruments, drugs, pharma & fine chemicals, transport equipments, electronic goods, manufactures of metals and major items of import are: petroleum, crude & products, non-ferrous metals, wood and wood products, cashew nuts, etc.

*****

DS